Business Credit Cards in India

The answer to “What are Business Credit Cards?” might be misconstrued to mean corporate credit cards, but this is wrong. Though business credit cards are designed for small and medium business as well as large corporates and multinational corporations, these cards are available to just about anyone who needs a separate business account. These cards help track expenses arising out of business and keep them separate from personal accounts.

The Citibank credit card for business is designed for all types of business needs. They come with online management tools and a wide range of corporate benefits.

The Following Are The Features Of The Citi Corporate Credit Card:

24/7 online banking

Comprehensive expense approval system

Online bill payments

Travel offers and perks

Reward points, gift vouchers

Cashless payments worldwide

Features and Benefits of Business Credit Cards:

Dual benefits – With business credit cards, both the employer and employee can benefit. In the case of self-owned business cards, the cardholders and their businesses stand to benefit. Employers can get a clear picture and spend analysis every month. Employees can enjoy cashless transactions.

Secure Transactions – Business credit cards provide for secure transactions. There is no risk of losing cash or the burden of carrying cash around. Credit cards can take care of company expenses with just a swipe.

Online Convenience – The card can be managed online through the bank’s portal. This makes viewing statements, paying bills, blocking cards, raising disputes and so on much easier and convenient.

Credit Card Statements – Monthly credit card statements saves a lot of time and helps in tracking expenses and calculations efficiently. It also comes in handy for budgeting and future operations. Business owners can see clearly where the money is being spent without much effort.

Employee expense monitor – Business credit cards usually come with the option to cap the spending limit. Employers can also track the credit card expenses of their employees.

Rewards – Some banks offer reward points, cashback, discounts and deals on business credit cards. Employees or cardholders can earn rewards, which they can later redeem for gifts, vouchers, etc.

Multi-purpose expenses – Business credit cards can be used to spend money on travel, entertainment, utilities, repair and maintenance, business operations and more. Employers may also have the option to restrict the purpose of expenditure on the credit card. Cardholders may be allowed to only spend on certain categories.

Consolidated Payments – Not only will cardholders be able to pay for all expenses in one shot, but they can also enjoy paying for multiple cards with a single payment.

Eligibility of Business Credit Cards:

Business cards are available to small businesses, limited companies, banks, government-run companies, partnerships and sole proprietorships.

Banks issuing the credit card require businesses to show a certain amount of profit, turnover or aggregates.

Companies that have satisfactory track records of operations are eligible.

There are also business cards available for just about anyone who requires a separate expenses account. This card can then be used for business-like expenditure which will help in tracking costs.

List of Business Credit Cards in India:

Citibank

Axis Bank

HDFC Bank

State Bank of India

Kotak Mahindra

Bank of Baroda

Canara Bank

Tips for Business Credit Cards:

Business cards can give you that much-needed revolving credit. But credit cards must be used wisely.

Choose the right card for you and your business. Some cards come with a host of benefits that include travel and insurance, but also carry high annual fees. If you do not require these benefits, then go in for a simpler card that doesn’t carry charges and annual fees.

Analyse your monthly statements and verify all transactions.

Use your statements to budget and cut costs.

Always know all the features of your credit card. Business owners can restrict employee expenditure and also impose restrictions on certain categories. Use these options wisely to ensure the best value for your money.

These cards generally do not have add-on card options for your family members as the company will be paying the bills.

SMS and email alerts are available on almost all cards to get instant notifications about transactions on the credit cards.

Top Business Credit Cards In India:

Given below are the top 8 business credit cards in India, along with a brief description of their salient features:

SBI Platinum Corporate Credit Card

The SBI Platinum Corporate card has been designed keeping in mind the Indian corporate client and his/her business needs. The card is on the VISA platform and the cardholder can track his/her organisation’s expenses via the Visa IntelliLink tool.

Features of the SBI Platinum Corporate Credit Card:

Interest free credit is available for a period of 20-50 days on retail spends provided the previous month’s outstanding has been cleared.

Wide acceptance at over 24 million outlets across the world.

Daily, weekly and monthly limits can be set on the card, enabling greater management of money.

HDFC Business MoneyBack Credit Card

The HDFC Business MoneyBack credit card offers higher rewards on purchases made through the card as well as exclusive deals and offers. Cardholders can also enjoy 50 days of interest-free transactions on their card from the date of purchase.

Features of the HDFC Business MoneyBack Credit Card:

Cardholders can earn up to 3 times the reward points on air, travel, hotel booking, dining and e-commerce spends made through the card.

Cardholders will also enjoy priority access to airport lounges across India.

Reward points earned can be redeemed as Air Miles or as cash back against the outstanding amount due (100 reward points = Rs.40 for cash back purposes).

Axis My Business Credit Card

The Axis Bank My Business credit card is tailor-made to suit every business need and enhance business efficiency through a variety of special features and benefits for the corporate cardholder.

Features of the Axis My Business Credit Card:

Cardholders can avail 20% cashback for base fare flights on Ezeego when booking with their My Business credit card.

Cash withdrawals up to 30% of the credit limit can be withdrawn through VISA ATM’s across the world.

Receive a 2.5% surcharge refund on all fuel spends at petrol pumps across the country when paying with the My Business credit card.

ICICI Bank Corporate Credit Card

The ICICI Bank Corporate Card offers corporate cardholders a complete travel and entertainment program full of deals and benefits. Available in Platinum and Gold variants, the card allows for effective management of employees’ travel and entertainment expenses through well-designed tools.

Features of the ICICI Bank Corporate card:

Cardholders can choose from two billing dates, depending on their convenience.

The online e-statement that is generated provides for a detailed break-up of the various card accounts.

The cardholder can also choose from a range of liability options and controls with regard to employee spending on the card.

Kotak Corporate Credit Card

Kotak corporate credit card offering comes packed with features designed to sway the corporate customer, from savings opportunities to greater control over employee spending. Available in Gold and Platinum variants, the card provides a convenient way to meet expenses.

Features of the Kotak Corporate Credit Card:

The card provides a 2.5% fuel surcharge waiver across all petrol pumps in India.

All purchases made through the credit card are insured for a period of 6 months from the date of purchase. In the event that an item is lost due to theft or fire, the cardholder can claim insurance of up to Rs.50,000 for the item.

Company can choose the credit limit assigned to employees, providing greater control on spending and access to funds.

Standard Chartered Business Gold Credit Card

Exclusively meant for self-employed individuals, the Standard Chartered Business Gold credit card is designed to cater to every need the business owner could have.
Features of the Standard Chartered Business Gold Credit Card:

Enjoy a 5% cashback at all fuel outlets across the country when paying with the Standard Chartered Business Gold credit card.

Enjoy a range of discounts and special deals on hotel stays, dining and leisure activities.

Receive 1% cashback on all spends made through the card, resulting in greater savings.

Allahabad Bank’s Laghu Udhyami Credit Card

Targeted at small business owners and artisans across sectors, the Laghu Udhyami credit card comes with benefits for small business owners, extending a line of credit to them.

Features of the Laghu Udhyami Credit Card:

The card extends a line of credit for the purchase of raw materials and other goods, with the interest dependent on the borrower’s profile and credit worthiness.

The cardholder can take a term loan for a period ranging between 5 and 7 years on them providing a satisfactory security collateral.

A business credit card offers benefits and features that would help in the smooth running of your business enterprise as well as take care of employee spending through tools that enable you to regulate and monitor expenses. The deals and perks offered serve to incentivise and entice you as a business owner, making the deal sweeter and mutually beneficial.
Small Business Credit Cards

Small business credit cards help businessmen and entrepreneurs have access to funds to manage a business. For example, they can be used to buy office furniture, equipment, electronics, etc. These cards are not meant for personal use and cannot be used by individuals to meet any kind of non-business expense. There are many banks in India that offer these types of business credit cards including State Bank of India (SBI), HDFC, Axis Bank, Citibank, ICICI, among others.

Features And Benefits Of Small Business Cards

Business credit cards come with a higher credit limit when compared to regular credit cards

They help businesses meet urgent expenses without any hassle

The cashbacks and rewards offered on these cards are much higher than regular cards

It is more safe and secure

These can be used online through net banking to make purchases and is hence very convenient to use

What Can They Be Used For:

Business travel expenses, business operations

Repair and maintenance work

To procure raw materials

For business equipment

For stationary and other office supplies

To buy electronic goods for business use

What They Cannot Be Used For:

Personal expenses

Eligibility Criteria For Small Business Credit Cards

Applicants should be running a legal business, company, small to medium sized business, partnership firm or sole proprietorship

News About Business Credit Cards in India

Choosing A Business Credit Card For Small Businesses

A business credit card or a corporate credit card is different from a regular credit card that is designed for personal use. Business credit cards are designed to meet the needs of corporates and have different features and benefits. Unlike regular credit cards, they don’t come with pre-determined credit limit or pre-defined set of features. Credit card issuers often customise the business credit cards to meet the needs of businesses of different sizes and shapes.

Small and mid-sized businesses thus, without any hesitation, opt for business credit cards which are tailored to cater their needs. Some of the common features available on business credit cards are secure transactions, can be split among multiple employees, spend control on select categories, reward points and others.

Some of the popular business credit cards offered by top banks include SBI Corporate Platinum Credit Card, HDFC Business MoneyBack Credit Card, ICICI Platinum Corporate Credit Card, Axis My Business Credit Card and lot more.

The best way to apply for a business credit card for small businesses is to talk to the bank directly. You can tell them clearly the structure of your organisation, features you are looking for in a business credit card, your budget and other details to get a customised card that suits your small business needs.

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Business Credit Cards
Reviews

I have recently applied for Kotak mahindra bank credit card , while applying for card they said it is life time free credit card, but after issue the card they said they will be charging annual fee in this card, which was very disappointed me, the said them to cancel for canceling the card they charged 180 rupees,even the credit limit which they have given to me was not good.

My experience is good with Indusind Bank, have been using the card for a month. Its Aura Platinum card and the credit limit is average, its only 75K where they need to increase my limit since have expected 1.50L because am having more limit on HDFC card. The process is good and there is no annual fee.

It has been close to five years since i am using the SBI Gold Credit Card, the services provided by them had been pretty much good. The card has a good feature of Airport launch access and it also has a good credit limit. There is some annual charges with this card and i am using the card for most of my payments and purchases.

I am using the HSBC VISA PLATINUM CARD for the last couple of years, the services with them had been good. There is a good credit limit with this card and it used to provide one plus one movie ticket offers. It does not have any annual charges and i use the card for everything.

It has been more than four years since i am using the HDFC Bank DINERS CLUBMILES Card, the services provided by them had been good. There is no annual charges with this card and i am satisfied with the credit limit with this card. There has also been some good benefits in using this card and i use the card for all sort of purposes.

It has almost been three to four years since i am using the services of Bank Bazaar and the services with them had been quite good so far. I used to check with most of the financial products through them and i had applied for a credit card recently through them. Their customer support team had also been good where they used to do some frequent calls and make follow ups.

I had selected the INDUSIND BANK PLATINUM CREDIT CARD since there is a good reward point system with this card, and there has also been some other added benefits as well. The process in getting this card has been good and the card was delivered on the right time. The credit limit with this card is a little less, and there is no annual charges with this card.

I am using HDFC bank credit card for long time, they have charged me annual fee in this card, but no idea about waived off option as only for emergency purpose, i am very much happy with the credit limit which they have given me in this card,. so far i am very much happy with the service.

I was choosen for Kotak credit card , they provide limit credit card is 75 k , while transition rewards point receives. iam particular using for online shopping its easy to do based on credit card i got loan . customer services is good and approach.

I am very much happy with the credit card of SBI. They have charged me annual fee in this card, based on my eligibility they have given me credit limit, which was okay for me, their service is too good, they use to give good offers on regular basis.

I am using ICICI bank credit card from long time, I got call from them that i am eligible for credit card so i applied for that, they have charged me annual fee in this card, i do not check waived off option as only for emergency i use it, their credit limit they have given to me was good.

I have been using HDFC bank credit card from long time, they have charged me annual fee as it is life time free credit card, i am happy with the service which they have given to me , their mobile application is user friendly, the credit limit as per my eligibility they have given to me, their overall service is good.

The customer service is really amazing and the response of resolution of time is very quick. I have been using Bankbazaar.com from last 2.5 years and there was no difficulties in applying the financial products moreover time consuming. I have received a credit card recently by placing online request.

I have been using Axis bank credit card, i am not satisfied with their service as i requested for bank statement, they did not given me any statement yet, they use to send statement on mail which is not getting open soon, their customer care number not getting connected soon, their overall service is not up to the mark.

I am using Indusind Bank credit card from last one month and have not interacted with the customer service much but its okay. The documents are collected by the executive. There is no annual fee, I have taken it for life time free. The credit limit is sufficient for me. I have received the first bill on time.

The experience i had with Bank Bazaar has been pretty much good, i had been using the services of Bank Bazaar for quite sometime. I used to check with all the financial products through them. I had recently applied for a credit card through them and the process was pretty much good, where they where helpful.

The process in getting my INDUSIND BANK PLATINUM CREDIT CARD has been quite good but i wish it could have been done more fast, the credit limit with this card is quite less than expected and my existing cards has more limit than this card. It is a life time free card and they had explained me about the features of this card.

I took a Indusind Platinum credit card and am using it for more than a month. I felt, the process was little bit longer. The credit limit was fine. There is no annual fee for the credit card. I have chosen because reward points can be utilized for purchase. Their executive has provided a doorstep service for documentation.

I am using the AMEX Credit Card for a very long time and the services with them had been pretty much good. There is a good credit limit with this card and there has also been some added benefits with this card. I had been using the card for all sort of purposes like shopping and for all sort of purposes.

It has been a long time since i am holding the KOTAK MAHINDRA BANK Credit Card, the services with them had always been good. There is a good credit limit with this card but there has not been much benefits with this card. I am using the card for all sort of purposes like shopping and for all sort of purposes.